Check Clearing for the 21st Century Act of 2003 (Check 21)

2004

Both J.P. Morgan Chase and Bank of America report more than $1 trillion of bank and non-bank assets.

Citigroup agrees to pay $2.65 billion to settle a lawsuit involving underwriting work of WorldCom.

The FDIC consolidates into six regional offices.

2005

Citigroup agrees to pay $2 billion to settle a class-action lawsuit over its role in the Enron collapse.In 2002, Citigroup sold stocks and bonds in the company before Enron filed for bankruptcy.

Meetings continue to be held on the Basel II Accord, which is scheduled to be implemented in the U.S. on January 1, 2008.

The definition of capital is unchanged; however, Basel II allows the largest banks to use their own internal ratings systems to measure credit risk, as well as requires banks to measure and hold capital against operational risk.